Tuesday, November 6, 2007

Is the Euro Becoming the Favored Reserve Currency?

From The Wall Street Journal:

“Observers credit the ECB and its head, Jean-Claude Trichet, with making a trenchant decision that calmed markets. The move shored up confidence in the bank's ability to keep markets functioning for the U.S. dollar's most significant rival. With its boosted credibility, the ECB could enhance the euro's standing in world markets. Continued confidence in the currency could ultimately come at the expense of the dollar, the current favorite of big world investors thanks in part to the size, liquidity and stability of U.S. markets.”

From The Seattle Times:

“Gisele Bündchen wants to remain the world's richest model and is insisting she be paid in almost any currency but the U.S. dollar.

Like billionaire investors Warren Buffett and Bill Gross, the Brazilian supermodel is on a growing list of rich people who have concluded the currency can only depreciate because Americans led by President Bush are living beyond their means.”

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